American Street Capital Secures $2.21 Million Refinance Loan for Multifamily Building in NoHo Arts District of North Hollywood, California

CHICAGO, IL - American Street Capital (“ASC”) announced today that it has secured a $2.21 million cash-out refinance loan for a 11-unit multifamily building located in North Hollywood, CA.

Completed in 2020, the three-story multifamily building is located in the thriving NoHo arts district of Los Angeles.  The individually metered units consist of large open floor plans with balconies, high-end finishes and in-unit washer dryers.  Additional amenities include a parking garage, elevator, car wash bay, and 24-hour secure gated access.  The asset was 100 percent occupied at closing.

The sponsor, a seasoned local owner operator, was looking for a substantial cash-out as he originally acquired the building in cash due to timing constraints.  American Street Capital exclusively represented the sponsor in securing the non-recourse 10-year fixed loan with interest-only payments.  The loan was placed with a correspondent agency lender.

The loan was originated by Kyle Tyrrell, a Vice President of ASC.

About American Street Capital: American Street Capital (“ASC”) is a Chicago-based national commercial mortgage banking firm with correspondent lending relationships specializing in securing balance sheet and CMBS loans for multifamily, mixed-use, student housing, mobile home parks, assisted living, hospitality, retail, office, owner-occupied properties, and traditional investment properties. With its diverse correspondent relationships ranging from private lenders to government agencies, ASC offers a consultative, customized approach to sourcing commercial real estate debt that is unique among its competitors. Focusing primarily on the more challenging transactions in the small balance segment for loans up to $50MM, ASC has established a national reputation of offering best in class customer service and loan structures that historically were exclusively available to large balance institutional clients.

TRENDING

Robbins Property Associates Expands in Florida Market With Acquisition of 297-Unit Century Cross Creek Apartments in Tampa Submarket TAMPA, FL - Robbins Property Associates, a vertically integrated multifamily owner operator, has partnered with a repeat private equity limited partner to acquire Century Cross Creek. The expansive 297-unit complex was completed in 2008 and 2014. The property, which was re-branded The Parq at Cross...

More Stories

Get The Newsletter

Get The Newsletter

The latest multifamily industry news delivered to your inbox.